Australian shale gas attracts international investment

Drillsearch Energy and BG Group have announced a joint venture to explore and develop shale gas resources in the Cooper Basin.

The Sydney Morning Herald reported on July 28 that as part of the deal, BG can acquire a 60% interest in the Drillsearch permit with BG to fund $90 million of the first $100 million spent.

The Australian quoted Drillsearch managing director Brad Lingo as saying “BG validates the play and profitability potential of the resource. It will build directly off the advances in technology that resulted in the shale gas explosion in North America.”

If you’d like to hear more about shale gas and Drillsearch Energy, then have a look at this Shale Gas World  conference in a couple of weeks.